Nigerian President Bola Tinubu, has assured German businesses that Nigeria is ready to fully implement existing pacts to ease investment in renewable energy, youth skill development and industrial growth.
Speaking during the bilateral meeting with visiting German President, Frank-Walter Steinmeier, on Wednesday in Abuja, President Tinubu stated that the ongoing reforms in Nigeria are aimed at fostering a business-friendly environment and attracting foreign investment.
According to him, these reforms include import duty waivers for machinery, decentralisation of power generation and active foreign exchange reforms.
“We have an open-door policy: ease of entry, ease of exit,” Tinubu said during the press conference that followed closed-door talks, emphasising the removal of bureaucratic bottlenecks in establishing businesses.
“We have an open-door policy. What do I mean by that? There is no longer bureaucracy in establishing your business. We have tax reforms that are private-sector friendly.
“We have import duty waivers for machinery. We have so many other incentives that we will help establish private businesses. That I can assure you. We are removing the bureaucracy.
“We have a reform in the foreign exchange market, and it’s very active. We’ve aligned our petroleum industry with the world standard practice of production and consumption,” the report by Punch newspaper on Thursday quoted Tinubu as saying at the meeting.
The report added that both Presidents also discussed ways to improve the people-to-people relationships between both countries.
Tinubu disclosed that it was a very good bilateral discussion. “I could see from the previous meeting earlier today that our businessmen and policymakers are very anxious to do business with Germany.
“Mine is to continue to assure you that our business doors are open and reforms are working very well.
“We plan to strengthen the relationship and build a fulfilling and rewarding partnership between the two countries, people-to-people relationships, and government-to-government facilitation of opportunities and prosperity,” he said.
In his speech, President Steinmeier said that while Nigeria remains Germany’s second-largest trading partner in sub-Sahara Africa, both countries can deepen ties.
“German businesses are seeing this as an improvement in investment relations, and it is perceived as speech, uch, and this is why we’re happy that Nigeria is Germany’s second-largest trading partner in sub-Sahara Africa.
“But there is great potential, even greater potential. So, I’m happy and grateful that we took much time to engage with one another.
“We promised each other that we both, with our opportunities and the governments on both sides, will do everything in our power to promote political and cultural ties and also promote and intensify People-to-People contacts in our meeting with you and the Cabinet,” said the German leader.
He expressed appreciation for the strong ties between Germany and Nigeria, emphasising the importance of Nigerians who study in Germany and return to their home country.
These individuals, he noted, carry with them a wealth of knowledge about Germany, becoming vital intermediaries for German companies and cultural institutions operating in Nigeria.
Steinmeier also highlighted the mutual interest in fostering a generation of bridge-builders and encouraged Nigerian youth to explore opportunities in Germany.
GIK/APA